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CDFA Revolving Loan Fund Finance Update - May 12, 2020

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Revolving Loan Funds Update
May 12, 2020
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Revolving Loan Fund Finance Update

Features

South Carolina Taxpayers May Benefit From Funds to Buy Homes in Flood-Prone Areas
If the House passes the South Carolina Revolving Resilience Fund Act this year, we can begin to prepare now for the next catastrophic flood — and we'll also be ready to lessen its impact and devastation. The South Carolina Revolving Resilience Fund Act would expedite flood prone property buyouts by offering low-interest loans to municipalities and counties so they can get more of our citizens out of harm's way before the next catastrophic flood event.

Demand for Small-Business Loans Cools
When the federal government relaunched its small business aid program on April 27 with an additional $310 billion, lenders and business advocates warned the money would dry up within a few days. Nearly two weeks later, about 40% of the money remains available, according to figures released by the Small Business Administration, even as small businesses continue to suffer from the fallout of the coronavirus pandemic.

Western Kentucky Loan Program Launched for Small Businesses Impacted by COVID-19
Small businesses in west Kentucky impacted by COVID-19 can begin applying for loans through the Purchase Area Development District. PADD launched the COVID-19 Business Relief Working Capital Loan Program Wednesday as a way to help small businesses that have not received assistance through the Small Business Administration. Small businesses in Ballard, Calloway, Carlisle, Fulton, Graves, Hickman, Marshall, and McCracken counties can apply for the program.

NACOLG Unveils Small Business Loan Program for Northwest Alabama
A Northwest Alabama Council of Local Governments program is providing loans to small businesses located in their service area that have been impacted by the Coronavirus pandemic. Executive Director Keith Jones said the COVID-19 Recovery Loan Fund for business and industry in Colbert, Lauderdale, Franklin, Marion, and Winston counties was established by the NACOLG Revolving Loan Fund Committee.

NJEDA Receives $800K EPA Grant for Brownfield Cleanup, Redevelopment
The New Jersey Economic Development Authority (NJEDA) will receive an $800,000 U.S. Environmental Protection Agency (EPA) Revolving Loan Fund (RLF) Brownfields grant. The NJEDA can use this funding to capitalize a revolving loan fund or to provide sub-award grants to communities, developers, and nonprofits carrying out cleanup and redevelopment activities at brownfield sites.

Resilience Fund Launched to Help Small Business Owners in Truckee, North Lake Tahoe
Sierra launched as a long-term loan platform leveraging community resources to provide small business owners within the Truckee/North Lake Tahoe region of California financial assistance, resources, and guidance to weather the COVID-19 crisis and prepare for reopening. In partnership with Sierra Business Council, the program empowers community members to help their towns immediately. Locals and supporters of Truckee/North Lake Tahoe can invest in the fund to support economic growth. The goal of the Resilience Fund is to raise $5 million to improve 400 area businesses.

Fed Expands Main Street Lending Program
The Federal Reserve is expanding its emergency Main Street lending program, now giving larger companies and ones with more debt the opportunity to tap into funds meant to limit the damage from the coronavirus crisis. The Main Street program, which has yet to launch, will now be open to companies with up to 15,000 employees, or up to $5 billion in annual revenue. Previously, the program was limited to companies with up to 10,000 employees and $2.5 billion in revenue.

Minnesota Disaster Recovery Loan Program
The Minnesota Legislature authorized the use of the Rural Finance Authority's (RFA) Disaster Recovery Loan Program funds to address the following additional needs during a Peacetime Emergency Declaration.

EDA Invests $1M to Establish RLF to Serve Small Businesses in Eastern Idaho
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department's Economic Development Administration (EDA) is awarding a $1 million grant to the East-Central Idaho Planning & Development Association (ECIPDA) of Rexburg, Idaho, to establish a Revolving Loan Fund (RLF) to assist the growth of small businesses in Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison and Teton counties. The EDA grant, to be matched with $428,571 in local funds, is expected to create 93 jobs and generate $2.85 million in private investment.

Top 15 State and City Funding Programs Helping Small Businesses Survive
As the coronavirus pandemic continues to disrupt the lives and operations of millions of American business owners, more state and local governments are offering funding programs to help companies stay afloat. These resources are independent of the federal loans and grants for small businesses offered through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Upcoming Events
Intro Tax Increment Finance WebCourse

CDFA // BNY Mellon Development Finance Webcast Series: Historic Preservation Financing
Tuesday, May 19, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will explore the challenges of historic preservation projects and how financing tools can be combined to make preservation projects possible.

CDFA Food Systems Finance Webinar Series: The Landscape of Food Systems Finance
Thursday, May 28, 2020 - 2:00 PM Eastern
For the second installment of the CDFA Food Systems Finance Webinar Series, we will present key initiatives and programs being used to finance local food systems, and how CDFA is continuing to prove the food system as an asset class.

CDFA-Bricker PACE Webinar Series: PACE Program Efficiency - Managing An Effective PACE Program
Tuesday, June 9, 2020 - 11:00 AM - 1:00 PM Eastern
In this webinar, PACE professionals explore best practices in establishing and managing a PACE program and about new efficiencies being developed to drive more effective delivery of PACE programs and projects.

Headlines

Baker Technical Institute Gets Grant To Clean Up Historic School
Baker City Herald | May. 9 | Brownfield Financing | Historic Preservation | Revolving Loan Funds (RLFs) | Social Finance | Case Studies | EPA Revolving Loan Fund Grants | Education

Microloan Program to Help Fluvanna County, VA Businesses Impacted by COVID-19
CBS19 News | May. 8 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | COVID-19

North Branch, MI Creates Revolving Loan Fund to Help Local Businesses
County News Review | May. 7 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Michigan Food and Ag Companies Now Eligible for Economic Injury Disaster Loans
WZZM | May. 7 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

Maysville, KY Creates Small Biz Loan Program
The Ledger Independent | May. 6 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Cumberland, MD OKs $106K Small Business Relief Fund
Cumberland Times-News | May. 6 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Oberlin, OH Council Approves $25K in Coronavirus Relief Loans
The Chronicle | May. 6 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Dept. of Housing & Urban Development (HUD) | Revolving Loan Funds (RLFs) | COVID-19 | HUD Community Development Block Grant (CDBG)

REDC Offering Emergency COVID Loans to Rutland County Businesses
Rutland Herald | May. 6 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

BEDC Announces COVID-19 Recovery Emergency Loan Program
Breckenridge American | May. 5 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Dubuque County Supervisors Consider $200K Loan Program for Businesses Hit by Pandemic
Cascade Pioneer | May. 5 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

BRADD Unveils Micro-Loan Program for Small Businesses
Bowling Green Daily News | May. 5 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | Revolving Loan Funds (RLFs) | COVID-19 | EDA Revolving Loan Fund Grant Program

Muncie, IN Industrial Revolving Loan Fund Board Creates COVID-19 Relief Loans for Local Small Businesses
Muncie Journal | May. 5 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Little Rock, AR Earmarks $500K for Loans to Small Businesses
Arkansas Online | May. 3 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Local Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Can the Paycheck Protection Program Really Save Independent Restaurants?
5280 | May. 1 | Disaster Recovery & Relief | Federal | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Viroqua, WI City Council Votes to Change RLF Program to Aid Businesses Affected by Coronavirus
La Crosse Tribune | May. 1 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | U.S. Dept. of Agriculture (USDA) | Revolving Loan Funds (RLFs) | COVID-19

Mequon, WI Is Offering Loans up to $15K to Small Businesses Hurt by the Coronavirus Pandemic
Milwaukee Journal Sentinel | May. 1 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Emergency Loans Available for Small Businesses in Pottsville, PA
WNEP 16 | Apr. 30 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

Agricultural Operations Now Eligible for SBA Loans Up to $2M
JD Supra | Apr. 28 | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

Agriculture Groups Call for Changes to Disaster Loan Program
Farm Bureau | Apr. 27 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

EDA Awards Tulsa County, OK $3M Grant For Levee Improvements
Tulsa Public Radio | Apr. 23 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Preston, MN EDA Local Emergency Revolving Loans
Fillmore County Journal | Apr. 14 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19 | EDA Revolving Loan Fund Grant Program



The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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